The benchmark Nifty index has rallied over 10 per cent in the past 10 trading sessions
A breather before a new high
The benchmark Nifty index has rallied over 10 per cent in the past 10 trading sessions. On Friday, the index closed at 11,914, just 3.6 per cent shy of its all-time high. Technical analysts say the markets could take a breather before climbing new highs. “The possibility of a temporary breather in 12,000-12,100 range cannot be ruled out. However, we believe, such a breather should not be construed as negative as the broader structure remains positive. Instead, dips should be capitalised as an incremental buying opportunity in quality stocks,” said Dharmesh Shah, head-technical, ICICI Direct.
First Published: Oct 11 2020 | 7:59 PM IST